What is the future of decentralized exchange?
We expect the DEXs to become just as popular for spots and perpetual markets in the coming years.
Why trade in DEXs?
DEXs don’t require KYC, they just need a wallet address. They are simple to use, easy to access and very safe.
What can I do on EDE?
On EDE you can do several things. Buy and stake the governance token for rewards, and provide liquidity using our indexed liquidity provider token, ELP, you can earn $EUSD when the reserve is over-collateralized, or you can simply trade with leverage or perform simple token swaps using the protocol.
What is ESBT? Why do I need it?
El Soul Bound Token (ESBT) is your doorway into the El Dorado ecosystem and acts as a membership system for all users to take part in.
By minting and levelling up your ESBT, you can shorten your $aEDE vesting time, get a fee discount, etc. Details.
What is $aEDE? How shall I vest it?
$aEDE is tokens received at the IDO-sale, marketing incentivization and stake ELP rewarding. You need to vest your $aEDE tokens to finally receive the $EDE tokens.
You need to mint your ESBT first before vesting your $aEDE. Details.
I used $BUSD to open a BTC long position, why my $BUSD is gone after I closed my position?
Please kindly note that when you open a long position, you will profit in the token you long; when you open a short position, you will profit in stablecoin - $BUSD.
How much leverage will be available?
We are now offering higher leverage - up to 50x - on EDE. While some centralized exchanges offer much higher leverages, most traders trade using low leverage most of the time, and using leverage that is too high is more advantageous for the exchange, rather than the actual trader.
How can I make a profit on EDE without trading?
Becoming a liquidity provider is the best bet to make some money. $ELP, our liquidity provider token, indexed by the top cryptocurrencies of the market, is hedged with stablecoins. $ELP rewards holders with 60% of trade fees as well as some governance tokens when staked.
Are the EDE smart contracts audited?
Yes, check the details here.
Is my fund safe on the EDE platform?
Yes, your funds are safe on the EDE platform. Prior to our official launch, we are opening up the test net specifically to ensure that the platform is working as intended, as well as ensuring security flaws are fixed immediately. Audits will be undertaken in the future to ensure security standards are met.
Which price oracle does EDE use?
Assets prices on EDE come from decentralized on-chain oracles such as Chainlink and are used to determine the collateralization of your account.
What is an ELP token and how does it work?
The ELP token consists of an index of assets used for swaps and leverage trading. They can be minted using any index asset and burnt to redeem any index assets.
How does the ELP token weight change?
Target weights are adjusted manually by the team. Actual weights are determined by the market (swaps/mint/burn).
How does ELP rebalance?
It is rebalanced naturally by the market because of the dynamic fee structure.
Does the ELP token suffer from a temporary loss?
No, it doesn’t. ELP token is an index, rather than an LP token.
When swapping, since only the oracle price is used and there's no price impact, does that mean technically a whale can come and swap at the oracle price and deplete the entire ETH pool of ELP?
No, as there is a small fee depending on how much of the pool is being utilized from the swap transaction. A whale swapping the entirety of a pool to try and take advantage of no slippage will pay a much higher fee.
What is the EDE token and why should I hodl it?
EDE is the platform's utility token, you can stake it to get EUSD and EDE token rewards, as well as gEDE (the governance token) reward to join the voting for future community decision-making, protocol update, and more.
Can I unstake the tokens at any time?
For the ELP token, yes; for the EDE token, it will depend on the stake time length you choose.
What is the EUSD token and how can I benefit from it?
EUSD is the revenue-based algorithmic decentralized stablecoin on the EDE platform. The two main mechanisms of EUSD are stake and bond. When users stake EUSD, they can help to make the collateral ratio of EUSD drop back to 100%, and also get interest rewards; when users bond EUSD, they can help to make the collateral ratio of EUSD rise back to 100%, and get EDE at a discounted price.
Will there be more trading pairs on EDE in the future?
Upon launch, there will be up to 50 tokens/coins for users to choose from, and new tokens/coins assets could be added in the future according to the community vote.